May was a busy month for closing transactions in Sumter, South Carolina. While seeing 84 properties sell in Sumter County, we saw the pendings fall from 194 the end of April to 174 the end of May. We are still seeing buyers in the market, but we are also receiving lots and I mean LOTS of phone calls for rentals. Many potential home buyers in Sumter County, still qualify for the First Time Tax Credit. Be sure and check it out!
In May Sumter county had 86 units close, down 2 units from April. June 30th is the closing deadline for the tax credit and many homes will be closed in June so the buyers can take advantage of the credit.
The year to date closings in Sumter County is slightly above the 2009 numbers. I expect to see the year to date number gain in May, but after May, we will have to watch and wait due to the tax credit ending for many.
Days on Market for Sumter County, South Carolina increased slightly for May. Sumter Counties year to date numbers are staying very close to 145 though.
Listings per month decreased in May to 170 from 190 in April. 2009 saw an increase in listings in June, but this wasn't so in prior years. I expect listings to be lower as many sellers pushed to get their homes on the market so buyers could use the tax credit to purchase.
Listings year to date are ahead of 2009. The trend of 2010 is following closely with 2009, and I expect the number of listings to follow this way throughout the year.
The total number of listings available increased from April to May. Considering the trend of the increase in listings in May, I would expect to see the number of active listings increase in May and June.
The median home price decreased from April to May, the mix of properties sold in May resulted in an increase in the average home price, $/square foot and square footage. These statistics show a very strong tendancy to move together.
The average $ per square foot increased in May. We see a tendency for this to follow along with the median and average price of the homes for the month.
As I recommend every month, please consult a local Realtor® about the local market. Every real estate market is local. There is no National rules that every market in the United States follows when it comes to the ups and downs. Sumter county is much different than Atlanta, Las Vegas, San Antonio or Florida.
I hope you find this real estate market report for Sumter County, SC informative. If you have any suggestions or questions, please email me at firstname.lastname@example.org and I will help you in any way possible.
Heritage Group, Inc.
Serving all of Sumter County including Sumter, Dalzell, and Shaw Air Force Base area